In response to guidelines published by FATF in June 2019, FINCEN made clear that it expects crypto exchanges to comply with the “Travel Rule” and gather and share information about the originators and beneficiaries of cryptocurrency transactions. By contrast, The Commodities Futures Trading Commission (CFTC) has adopted a friendlier, “do no harm” approach, describing Bitcoin as a commodity and allowing cryptocurrency derivatives to trade publicly. Meanwhile, the US Securities and Exchange Commission (SEC) has indicated that it considers cryptocurrencies to be securities, and applies securities laws comprehensively to digital wallets and exchanges. In practice, this means that cryptocurrency exchange service providers must register with FinCEN, implement an AML/CFT program, maintain appropriate records, and submit reports to the authorities. ExchangesĬryptocurrency exchanges are legal in the United States and fall under the regulatory scope of the Bank Secrecy Act (BSA).
The Financial Crimes Enforcement Network (FinCEN) does not consider cryptocurrencies to be legal tender but considers cryptocurrency exchanges to be money transmitters on the basis that cryptocurrency tokens are “other value that substitutes for currency.” The Internal Revenue Service (IRS) does not consider cryptocurrency to be legal tender but defines it as “a digital representation of value that functions as a medium of exchange, a unit of account, and/or a store of value” and has issued tax guidance accordingly. While it is difficult to find a consistent legal approach at the state level, the US continues to progress in developing federal cryptocurrency legislation. Cryptocurrency Regulations Around the World: United StatesĬryptocurrencies: Not considered legal tenderĬryptocurrency exchanges: Legal, regulation varies by state
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